Author: AEN Staff

OPEC will review progress towards its goal of eliminating excess global inventories at its next regular meeting in June, but ministers have downplayed suggestions the review could lead to an early exit from the accord. Organization of Petroleum Exporting Countries photo. OPEC, non-cartel members satisfied with supply cut pact results By John Kemp “The lexicon of exit is not found in our vocabulary”, OPEC Secretary-General Mohammad Barkindo told reporters on the sidelines of a conference in Cairo on Monday. Ministers from the Organization of the Petroleum Exporting Countries have been anxious to counter speculation about an early end to...

Critics are concerned the sale of petro crytocurrency nothing more than a debt issuance by Venezuela. Venezuelan government hopes Petro Cryptocurrency will help relieve economic crisis Venezuelan President Nicolas Maduro said on Tuesday that next week, on Feb. 20, there will be a pre sale of the country’s new petro currency. The government of the beleaguered South American nation is hoping the introduction of the petro currency will help alleviate the current economic crisis. Critics say the plan is illegal and nothing more than a debt issuance by the Maduro government desperate to calm it citizens who are suffering...

Oil prices rose slightly on Monday after benchmark Brent hit two-month lows early in the session. Anadarko photo. Seasonal factors may also be factor in declining oil prices Oil prices rebounded slightly from earlier losses in the session on Tuesday, despite a report from the International Energy Agency forecasting that supply would outpace demand in 2018. By 1:44 p.m. EST, Brent crude was up 120 cents to $62.79 after hitting a two-month low earlier in the day. US West Texas Intermediate was even at $59.29/barrel. The Canadian Crude Index rose to $33.70. Last week oil prices fell, wiping away...

Along with participating in the OPEC supply cut pact, Russian Energy Minister Alexander Novak says Russia and Saudi Arabia are also working together on energy projects, including oil services and petrochemicals. Lukoil photo. Russia looking to build on relationship with OPEC even after supply cut agreement expires In a report by S&P Global Platts, Russian Minister of Energy, Alexander Novak, says he is looking to build a long-term relationship with Saudi Arabia and more broadly with OPEC after the current cartel supply cut deal expires. On Tuesday, Novak told RIA news agency that Russian oil companies and the state...

Commentators have identified several possible triggers for the correction in oil prices, including the sharp drop in U.S. equities, recent dollar strengthening and the unexpectedly rapid increase in U.S. shale production. Shell photo. Near-record net long positions with longs far outnumbering shorts underscore downside risk for oil prices By John Kemp LONDON, Feb 12 – Hedge funds have started to liquidate some of their record bullish positions in crude oil and refined fuels as the rally has gone into reverse and amid signs that U.S. shale production is surging. Hedge funds and other money managers cut their combined net...